Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Hyperliquid against BingX+0.103%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 7 days−0.103%−$10 · spread now +0.103%, 7d avg +0.035%

Together, before fees−0.188%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.069% dearer against BingX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENGU-USDT	0.008696	0.0100	pay 0.0050% / 4h	2h 18m	—	$3.9M	—
Short	Hyperliquid PENGU	0.008705	0.0100	get 0.0013% / 1h	18m 22s	$8.7M	$15.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee HyperliquidbpOrdersPrice spread, now +0.103%Rate

Funding earned: $0
Price spread: +0.103% → +0.035%: $6.87
Slippage, 4 orders: −$17.21
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$29.34
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from BingX: live order book, 1 min ago; Hyperliquid: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BingX live order book, 1 min ago	1.15 bp	10.1 bp −$10	15.8 bp −$158	57.4 bp −$5,743	389.8 bp −$194.9K
Sell Hyperliquid live order book, 4 min ago	1.15 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_PENGUUSD	−0.0550%	1h	0.008701	+0.059%	$387K	$2.1M	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	−0.0325%	1h	0.008696	0.000%	$19K	$9K	10x	as long as short
Gate PENGU_USDT	−0.0258%	4h	0.008692	−0.046%	$3.4M	$15.4M	75x	as long as short
Injective PENGU/USDC PERP	−0.0110%	1h	0.008715	+0.218%	$3K	$81K	5.5x	as long as short
dYdX PENGU-USD	0.0000%	1h	0.008700	+0.044%	$11K	$4K	5x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008700	+0.047%	$33K	—	150x	as long as short
01 Exchange PENGUUSD	+0.0008%	1h	0.008697	+0.011%	$199	$59	5x	as long as short
Backpack PENGU_USDC_PERP	+0.0022%	1h	0.008693	−0.034%	$310K	$314K	10x	as long as short
Bybit PENGUUSDT	+0.0025%	4h	0.008687	−0.103%	$22.6M	$36.0M	75x	as long as short
Lighter PENGU	+0.0096%	1h	0.008695	−0.011%	$298K	$723K	8x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	+0.0100%	1h	0.008697	+0.017%	$675K	$757K	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008705	+0.103%	$8.7M	$15.2M	5x
Aster PENGUUSDT	+0.0100%	4h	0.008700	+0.050%	$172K	$448K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008697	+0.011%	$147K	$236K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008695	−0.013%	$36.0M	$151.2M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008695	−0.011%	$7.7M	$46.5M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008700	+0.046%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008696	0.000%	$12.8M	$12.7M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008700	+0.046%	$4.7M	$8.7M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008698	+0.023%	$8.2M	$12.5M	75x	as long as short
BingX PENGU-USDTlong	+0.0100%	4h	0.008696	long leg	—	$3.9M	—
Variational Omni PENGU	+0.0100%	4h	0.008709	+0.150%	$799K	$714K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008701	+0.058%	$455K	$2.4M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008718	+0.253%	$79K	$253K	50x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.008696	0.000%	$21K	$184K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008907	+2.426%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008691	−0.057%	$985	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008716	+0.230%	$91K	$249K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008691	−0.057%	$179K	$682K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008693	−0.034%	$201K	$17K	3x	as long as short
Reya PENGURUSDPERP	+0.0237%	1h	0.008696	+0.004%	$294	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008703	+0.080%	$1.5M	$2.7M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0503% / S −0.0703%	1h	0.008699	+0.034%	$112K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2992%	1h	0.008728	+0.368%	$94K	$97K	50x	as long as short